Arnold Engineering Plastics Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01082972 (England and Wales)

Financial Statements for the Year Ended 31 March 2023

for

Arnold Engineering Plastics Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J McKeown

S R Noon

B Noon

REGISTERED OFFICE:

2 Regal Close

Kings Park Road

Moulton Park

Northampton

Northamptonshire

NN3 6LL

REGISTERED NUMBER:

01082972 (England and Wales)

AUDITORS:

CED Accountancy Services Limited

Registered Auditors

Chartered Accountants

1 Lucas Bridge Business Park

Old Greens Norton Road

Towcester

Northamptonshire

NN12 8AX

SOLICITORS:

Max Engel

8 Hazelwood Road

Northampton

NN1 1LP

FIXED ASSETS

Tangible assets

4

1,579,468

1,659,580

Investments

5

138,737

138,737

1,718,205

1,798,317

CURRENT ASSETS

Stocks

121,575

73,200

Debtors

708,562

1,698,236

Cash at bank and in hand

334,301

456,572

1,164,438

2,228,008

CREDITORS

Amounts falling due within one year

812,635

640,030

NET CURRENT ASSETS

351,803

1,587,978

TOTAL ASSETS LESS CURRENT LIABILITIES

2,070,008

3,386,295

CREDITORS

Amounts falling due after more than one year

(235,800

)

(276,985

)

PROVISIONS FOR LIABILITIES

(383,334

)

(399,752

)

NET ASSETS

1,450,874

2,709,558

CAPITAL AND RESERVES

Called up share capital

44,000

44,000

Retained earnings

1,406,874

2,665,558

SHAREHOLDERS' FUNDS

1,450,874

2,709,558

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2023 and were signed on its behalf by:

B Noon - Director

S R Noon - Director

1.	STATUTORY INFORMATION

Arnold Engineering Plastics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These are the first financial statements of the Company to be audited, and thus the comparatives were not audited. The auditors refer to this fact in their audit report.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2022 - 43 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

4,049,224

Additions

156,772

Disposals

(39,000

)

At 31 March 2023

4,166,996

DEPRECIATION

At 1 April 2022

2,389,644

Charge for year

223,384

Eliminated on disposal

(25,500

)

At 31 March 2023

2,587,528

NET BOOK VALUE

At 31 March 2023

1,579,468

At 31 March 2022

1,659,580

The net book value of assets held under hire purchase contracts at the year end was £459,726 (2022 - £583,850).

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2022

and 31 March 2023

138,737

NET BOOK VALUE

At 31 March 2023

138,737

At 31 March 2022

138,737

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.3.23

31.3.22

£

£

Net obligations repayable:

Within one year

97,911

100,999

Between one and five years

235,800

276,985

333,711

377,984

Non-cancellable operating

leases

31.3.23

31.3.22

£

£

Within one year

135,000

-

Between one and five years

675,000

-

In more than five years

337,500

-

1,147,500

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Hire purchase contracts

333,711

377,984

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for opinion

The company was audit exempt for the year ended 31 March 2022 and thus did not observe the counting of the physical inventories at the beginning of the year. We were unable to satisfy ourselves by alternative means concerning stock quantities and condition held at 31 March 2022. Accordingly the amounts shown as cost of sales and profit for the year ended 31 March 2022 may not be comparable with the figures for the current period, and we were unable to determine whether any adjustment to the opening stock balance was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Duncan Mitchell FCA (Senior Statutory Auditor)

for and on behalf of CED Accountancy Services Limited